Mistaken Identity?

Updated Aug. 21, 2006 12:01 a.m. ET

Ameriprise trades more like a pure-play insurer than an asset manager, notwithstanding the outsized contributions of investment-advisory work to sales and earnings. At 12.2 times next year's estimated earnings and 1.5 times book value, the stock has about 25% to 30% upside, assuming the company delivers on its financial goals.